The most talked about and market moving research calls around Wall Street are now in one place. Here are today’s research calls that investors need to know, as compiled by The Fly.
Top Upgrades:
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Barrington upgraded Copart(CPRT) to Outperform from Market Perform with a $40 price target after the company released Q4 results and announced that it will be acquiring ACV Auctions (ACVA) at an implied equity value of $1.9B, or $10.50 per share in cash.
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BofA upgraded International Paper(IP) to Buy from Neutral with a price target of $46, down from $48. The firm, which raised its containerboard price forecasts, argues that International Paper’s 23% pullback provides enough potential upside for a Buy rating, noting that it expects pricing to provide a catalyst.
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JPMorgan downgraded Chewy(CHWY) to Neutral from Overweight with a price target of $24, down from $29, following the Q2 report. The company’s organic growth remains under pressure from continued macro headwinds, the firm tells investors in a research note.
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Wedbush downgraded Fortinet(FTNT) to Neutral from Outperform with a price target of $155, up from $125, after a transfer in analyst coverage. For Fortinet, the market is “currently baking in a best-case scenario” following a roughly 100% year-to-date return, says the firm, which believes that creates “a more difficult barometer to outperform” into the back half of FY26.
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Wedbush downgraded Tenable(TENB) to Underperform from Outperform with an unchanged price target of $29 after a transfer in analyst coverage. The firm sees weakening fundamentals and downside risk to estimates. Wedbush also downgraded Telos(TLS) to Underperform from Neutral with a price target of $5, down from $8.
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Wedbush downgraded Check Point(CHKP) to Neutral from Outperform with a price target of $135, down from $160, after a transfer in analyst coverage. While the firm acknowledges “the Zafrir-era transformation” and an “aggressive” $2B buyback authorization expansion, it cites the decelerating growth rate for its Neutral rating, calling Check Point a “prove-me” story heading into FY27. Wedbush also downgraded Qualys(QLYS) to Neutral from Outperform with a price target of $175, up from $125
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Wedbush downgraded Varonis(VRNS) to Neutral from Outperform with a price target of $46, up from $37, after a transfer in analyst coverage. Varonis is well positioned for the agentic AI data-security opportunity, with 25% SaaS annual recurring revenue ex-conversions growth, platform expansion, and new AI governance/database monitoring opportunities, but growth remains below peers, warranting a lower valuation until multiple catalysts drive a sustained top-line reacceleration, the firm tells investors in a research note.
